Abia budgets N134.148b

This represents an increase of N4,188,712,420billion or 3.2per cent over this year’s budget outlay of N129,959,325,170billion next year.

Presenting the budget, called Budget of Hope to the House of Assembly yesterday in Umuahia, the state capital, Governor Theodore Orji said it is targeted at capital project development to address the critical issues in Vision 20.20.20.

The governor said the state would next year focus more on how to increase its Internally Generated Revenue (IGR) to make it less dependent on Federal Allocations.

He said the state would adopt direct bank lodgment, adding that it would expand its revenue base.

Orji said the IGR would be N34,940,133,420 billion, representing an increase of 57.37per cent over this year’s 26.05per cent of the total budget outlay of N134,148,037,590 billion, or 30.94per cent of N112,943,586,87billion projected revenue.

The governor said the recurrent expenditure is N67,820,454,270billion against this year’s recurrent expenditure of N58,838,997,070billion, which is an increase of N8,981,457,200billion, or 15.26per cent, while the capital expenditure is N66,327,583,320billion for next year.

He told the lawmakers that there would be massive road construction and reconstruction, while major projects would be completed.

According to him, the 17 local governments will be encouraged to set aside some funds to maintain rural roads.

Speaker Ude Oko-Chukwu assured the governor that the Assembly would give accelerated passage to the budget to enable the executive implement it effectively.

The Speaker said the lawmakers were willing to sacrifice their holidays during the Yuletide to accelerate their work for the benefit of the state and its residents.